Interstate Land Sales Full Disclosure Act

It has been more than three years since Land Resource, LLC began selling land in Grey Rock, the company's Western North Carolina mountain slope development. Grey Rock at Lake Lure received national publicity through the 2006 HGTV home giveaway promotion. Today the Dream Home is the only structure completed on the 3,917 acre site although more than 400 lots have been sold. Grey Rock lots were priced from $200-700 thousand.

Federal law stipulates that all purchasers of land in Laurelmor, HUD Subdivision Id:31640, receive a Property Report. The Interstate Land Sales Full Disclosure Act requires that Property Reports reveal all material facts about the risks of buying land in specified Subdivisions. A review of the Laurelmor Property Report shows that the developer does not disclose landslide hazards.

The following land description was extracted from Sections of the April 25, 2008 Laurelmor Property Report provided by the developer, Ginn-La Laurel Creek Ltd.,LLLP, also doing business as the Ginn Company:

SUBDIVISION CHARACTERISTICS AND CLIMATE

General Topography

Is Laurelmor on Stable Ground?

Hazardous Land for Sale